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Dec 27, 2012
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a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a little bit because of the sequester and 9 defense spending, what you talked about on the show quite a bit. a big chunk comes from tax increases. little the end of the unemployment benefits of that been going on for a while, the payroll tax holiday and the alternative minimum tax which is going to grab more and more people. you will have less subsidies for lower income people who are unemployed today and higher tax on middle income americans. it's not great. none of us want tax increases but at the end of the day trillion dollars deficits are bad, too. trillion dollars deficits every year as far as the eye c
a lot of taxes will go up but taxes will go up on everybody, not injure the guy around the tree that's paying for everything but everyone will have to pay. and then folks will realize the government we are voting for costs us money too. >> that's the thing. if we don't go over the cliff and they don't reach a compromise, what will happen? they can't afford to keep spending like this. won't spending have to go down by virtue after compromise not being reached? spending will go down a...
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Dec 27, 2012
12/12
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they wouldn't restore tax cuts. combination would be too severe of the spending cuths with all the tax cuts gone. that becomes the enormous fight. you do get up involved in late january or late february with the revenue. it's an enormous fight, amount we raise the debt creeling to amount they cut debt ceiling. a fight that obama should not want to have. it's interesting to me if he doesn't act in the next couple of days with what charles calls a generous deal he gets himself in to really unstable waters, economically. something we have never seen before. then we look at the global waters rattling toward real default, not the january 1 cliff. republicans would be blamed initially but he would be blamed ultimately. >> this argument and is so ethereal with the numbers baptered back and forth they can't grasp it. one component is the farm bill that expires at the end of this lame duck session if it expires and we go to 1949 formula for calculating milk price supports. back in 1949, most cows in the country were milked b
they wouldn't restore tax cuts. combination would be too severe of the spending cuths with all the tax cuts gone. that becomes the enormous fight. you do get up involved in late january or late february with the revenue. it's an enormous fight, amount we raise the debt creeling to amount they cut debt ceiling. a fight that obama should not want to have. it's interesting to me if he doesn't act in the next couple of days with what charles calls a generous deal he gets himself in to really...
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Dec 27, 2012
12/12
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all the bush tax cuts expire, the payroll tax cuts expire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. this basket of problems is what washington calls the fiscal cliff. you've been hearing for months now about the cliff crisis. you've heard a lot about whether or not it will matter, you've heard about the offers and the counteroffers president obama and house speaker john boehner put on the table. if you live in the game area, you're going to be reading about the cliff whether you like it or not. we at starbucks have an opportunity and i believe a responsibility to use our company's scale for good, by sending a respectful and optimistic message to our officials to come together and reach important ground. this week, through december 28th, partners at our washington, d.c., area store
all the bush tax cuts expire, the payroll tax cuts expire. doctors participating in medicare, see their reimbursements cut by more than 25%. good luck getting a doctor then. more than a trillion dollars in spending cuts are triggered. the economy probably falls back into recession, and merry christmas and happy new year from washington to you, the american people. this basket of problems is what washington calls the fiscal cliff. you've been hearing for months now about the cliff crisis. you've...
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Dec 26, 2012
12/12
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going over the cliff, tax rates go up for everybody and then a vote, a vote to cut taxes for 98% of americans. instead of a vote to raise taxes for 1% of americans and it makes much more likely to get republican support. they can make it retroactive to january 1st, fix a lot of things that are going to go haywire if we go past january 1st without a deal, thomas. >> mike, great to see you. thank you, sir. >>> want to bring in the political power panel for this wednesday morning, lynn sweet, keith boykin and alice stewart. great to see all of you here. post-merry christmas to everybody. i want to start by showing the latest gallup information on what americans are feeling right now, gang. about the fears of the fiscal cliff. deal likely at 50%, deal not likely at 48%. and this is gone down continually as we have seen, lynn, over several days, whether more optimism before the christmas holiday and continues to evaporate the closer to the cliff but talking about what the president can do coming back, can it about a small stop gap measure to save people after the 1st? >> it could be and i've alway
going over the cliff, tax rates go up for everybody and then a vote, a vote to cut taxes for 98% of americans. instead of a vote to raise taxes for 1% of americans and it makes much more likely to get republican support. they can make it retroactive to january 1st, fix a lot of things that are going to go haywire if we go past january 1st without a deal, thomas. >> mike, great to see you. thank you, sir. >>> want to bring in the political power panel for this wednesday morning,...
SFGTV2: San Francisco Government Television
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Dec 27, 2012
12/12
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SFGTV2
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individuals that are currently incarcerated in a much more effective way that is going to save you tax dollars but also reduce the chance that they'll continue to spiral into those, like the stories we heard earlier today. [applause] >> if i could add one quick thought that ties with the first panel and this panel. it's the question of resource allocation. the point needs to be taken quite seriously especially with adolescents. if you get the diagnosis and the community is not ready to step up and do the interventions that are more humane, then the inhumane alternatives may end up costing more but being the easy political solution. >> i think we're out of time. i would like to thank everyone on the panel for their time.. >> thank you kindly. as an ex-felon, it's not my first effort with a public defender in public for a bunch of people who i know are working hard to make this substance abuse incarceration cognitive behavior thing work all together. i started doing my career in rehabs and jails and shelters and where i live. it's a privilege to work for people who chose to be the audien
individuals that are currently incarcerated in a much more effective way that is going to save you tax dollars but also reduce the chance that they'll continue to spiral into those, like the stories we heard earlier today. [applause] >> if i could add one quick thought that ties with the first panel and this panel. it's the question of resource allocation. the point needs to be taken quite seriously especially with adolescents. if you get the diagnosis and the community is not ready to...
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Dec 26, 2012
12/12
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WBAL
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the home buyer tax credit temporarily boost sales. analysts attribute the jump to lower interest rates. fewer homes on love market, and growing consumer confidence. lawmakers seem to be incapable of coming to agreements even on a farm bill in congress which may mean higher milk prices in the coming year. the price of milk could rise from its current average cost of $3.65 a gallon to as much as $7 a gallon if congress fails to pass a new form bill. gas is cheaper. the governor -- former would have to follow legislation dating back to the truman presidency which would force washington to buy milk at inflated prices. it would be based on what a cost to produce milk in 1949 when it was basically done by hand. speaking of the fiscal cliff, starbucks is making a political push. the ceo wants d.c. area stores to read the words come together serve thursday and friday. he wrote president be bystanders, you and your customers have an opportunity and i believe we all have a responsibility to spend our -- send our elected officials a respectful b
the home buyer tax credit temporarily boost sales. analysts attribute the jump to lower interest rates. fewer homes on love market, and growing consumer confidence. lawmakers seem to be incapable of coming to agreements even on a farm bill in congress which may mean higher milk prices in the coming year. the price of milk could rise from its current average cost of $3.65 a gallon to as much as $7 a gallon if congress fails to pass a new form bill. gas is cheaper. the governor -- former would...
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Dec 24, 2012
12/12
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FOXNEWSW
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a sample of the device of a lander that is being tested negotiation government money, none of your taxes involved, 80ive innovation driven by entrepreneurs taking the risk. competition if a car that gets 100 miles per hour has drawn nearly 100 entrepreneurs. the design competition was first, the cars had to pass the looks test. these cars did. next is the race. 54 teams will compete to win. the man who raised the money if the prize and organizeed the organization is here. >> we have entrepreneurs and scientists and engineers to do what only government could do. >> peter joins us from los angeles. you have new prizes now? >> we do. we are having a lot of fun figuring where there could be breakthroughs that you not going on or being driven by large companies or government that is challenging entrepreneurs to make the impossible, possible. >> where do you get the money? who put up the x prize? >> the money, really, comes from a range of different groups, including individuals, and philanthropists and competitions or large corporations, progressive insurance or companies such as that, wantin
a sample of the device of a lander that is being tested negotiation government money, none of your taxes involved, 80ive innovation driven by entrepreneurs taking the risk. competition if a car that gets 100 miles per hour has drawn nearly 100 entrepreneurs. the design competition was first, the cars had to pass the looks test. these cars did. next is the race. 54 teams will compete to win. the man who raised the money if the prize and organizeed the organization is here. >> we have...
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Dec 26, 2012
12/12
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FBC
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david: without hiking tax rates. a couple months later he came out with his 2012 budget in which he said the tax system should be simplified. it worked for all americans with lower individual and corporate tax rates and fewer brackets. what changed his mind? >> he came out after the election saying he wanted 1.6 trillion in tax hikes, and his election kind of made him go for something figure. even though that meant he couldn't get an agreement. my personal view he does not want an agreement with republicans, he wants us to go over the fiscal cliff because republicans will get flamed and we will have a different scenario with the lowest rate not being 10%, but 15%, top rate of 35 to 40%, 42. and then tax cuts. david: the responsibility of political purposes is astounding to me. the only contradicting what he said a year ago, but got taken the advice of some of the top economic advisors that will go into recession. >> it is astounding. they also applies going over the fiscal cliff for that very reason. they want top ta
david: without hiking tax rates. a couple months later he came out with his 2012 budget in which he said the tax system should be simplified. it worked for all americans with lower individual and corporate tax rates and fewer brackets. what changed his mind? >> he came out after the election saying he wanted 1.6 trillion in tax hikes, and his election kind of made him go for something figure. even though that meant he couldn't get an agreement. my personal view he does not want an...
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Dec 31, 2012
12/12
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i can report we have reached an agreement on all of the tax, the tax, the tax issues. >>reporter: lawmakers are saying to avoid americans getting hammered by new taxes in the new year get this part done, and work out the other issues that are still on the table in the new year. the bottom line, republican senators are being briefed by the lead negotiator at this hour. >> thank you, mike emanuel. >> the late word is there will be no vote in the house of representatives because there is nothing to vote on. so we are tumbling over the fiscal cliff for now. the question after the interview, president obama sitting down with one sunday talk show host yesterday and that host is capping flak if not asking the tough questions on taxes and spending and follow-up >> politics is always messy. people have asked me about the film "lincoln" and --. >> is this your lincoln moment? >> no, i never compare myself to lincoln. and, obviously the magnitude of the issues are quite different from the civil war and slavery. >> how accountable are you for the fact that washington is not gettin
i can report we have reached an agreement on all of the tax, the tax, the tax issues. >>reporter: lawmakers are saying to avoid americans getting hammered by new taxes in the new year get this part done, and work out the other issues that are still on the table in the new year. the bottom line, republican senators are being briefed by the lead negotiator at this hour. >> thank you, mike emanuel. >> the late word is there will be no vote in the house of representatives because...
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Dec 26, 2012
12/12
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CNNW
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the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well including the child tax credit and the earned income tax credit. >>> from a mars landing to a deep water dive, scientific and technical breakthroughs this past year were amazing. here's john zarrella with a look at the top 10. >> at number 10 a revolutionary camera called litro. >> it's such a powerful technology breakthrough, that this will forever change how we take and experience pictures. >> it captures the entire light field ail louse the focus and perspective to be changed after its been taken. number nine, nasa's dawn spacecraft sent back staggers data about an as tro
the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well...
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Dec 31, 2012
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the estate tax. the amt, the doc fix. it's more than just rates that we're talking about here, and it's more than just the sequester. there's all these patches. any clarity on those? >> reporter: you're absolutely right. there's so much. on the payroll tax, i have not heard anybody talk about continuing that. it doesn't mean it might not pop up at the last-minute, but what it means is that everything will see a little bit of a bite taken out of the paycheck no matter what because the payroll tax holiday gifforoes away. on the amt, many of us working the story at cnn were told they're talking about patching it that permanently. then i got anner mail from a democratic source saying it's not true. the estate tax lower than it was on the table seems to still be on the table. all of these things are still worked out. you're absolutely right. there's so mauch here and affecs people where it matters most, in their wallets and paychecks. >> parents, teachers, college students, every working american, doctors
the estate tax. the amt, the doc fix. it's more than just rates that we're talking about here, and it's more than just the sequester. there's all these patches. any clarity on those? >> reporter: you're absolutely right. there's so much. on the payroll tax, i have not heard anybody talk about continuing that. it doesn't mean it might not pop up at the last-minute, but what it means is that everything will see a little bit of a bite taken out of the paycheck no matter what because the...
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Dec 27, 2012
12/12
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, tax cuts for everyone making under 250, can republicans say no to a tax cut in 2015? >> it will be tough but not tougher than the pr battles he's fighting right now. i think he wants that scenario. i think obama thinks going off the click is a win for him. he can say i am bringing in revenue, i am lowering the deficit. and he can still blame the gop when their tacks go up. i don't think the grass pollen had the ball in this fight. i don't think they gave it up, i don't think they ever had it. it's tough for them to win against a white house like this and a white house press core that's not going to report anything negative against the president. >> there's a ball and the ball is the debt ceiling. all these things, i will get to craig, but have to go through the house. the money negotiations have to go through the house. if the house says no on raising the debt ceiling, they can create a lot of havoc. go ahead, greg. >> you know what? i don't care anymore. >> oh, okay. >> because as a human being in this discussion i've already lost, both options going over the fiscal
, tax cuts for everyone making under 250, can republicans say no to a tax cut in 2015? >> it will be tough but not tougher than the pr battles he's fighting right now. i think he wants that scenario. i think obama thinks going off the click is a win for him. he can say i am bringing in revenue, i am lowering the deficit. and he can still blame the gop when their tacks go up. i don't think the grass pollen had the ball in this fight. i don't think they gave it up, i don't think they ever...
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Dec 29, 2012
12/12
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WJLA
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three days now until higher taxes for all. will there be a deal? as americans and their 401(k)s already taking a hit. paying a brice because of that standoff. >>> crash landing. the jet that skidded off the runway nearly smashing into a crowded highway. >>> and back in the game. football coach's battle off the field inspired a major turnaround on it. and tonight, he's about to return. >> you're like -- >> tomorrow, a team's prayer answered. >>> good evening. it's great to have you with us here on a saturday night. we do begin here, with yet another holiday storm. the one-two punch this year, and tonight, on a weekend when so many are still traveling, a challenge out there. here's the radar this evening. rain and snow. tonight, it's moving through the ohio valley right into the northeast, from washington up through philly, new york and boston. this is just one of the many scenes on the highways tonight. this is i-83 outside of harrisburg. where several cars collided in the snow. several people were take on the the hospital. already this evening the
three days now until higher taxes for all. will there be a deal? as americans and their 401(k)s already taking a hit. paying a brice because of that standoff. >>> crash landing. the jet that skidded off the runway nearly smashing into a crowded highway. >>> and back in the game. football coach's battle off the field inspired a major turnaround on it. and tonight, he's about to return. >> you're like -- >> tomorrow, a team's prayer answered. >>> good...
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Dec 31, 2012
12/12
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take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a date for the prom. everybody is talking about protecting the middle class here. so i think this deal will probably get done around the middle class tax cut. it's at what level. $400,000 or $250,000 or some other number. which is going to be critically important. a lot of people don't realize in a large urban and suburban areas of america, $250,000 doesn't make you rich. have you two kids in college at $60,000. if you're a boomer, you may have a dependent parent of some kind. spending another $20,000 or $25,000 on that. you have to have a definition of what is the middle class.
take the tax issue -- give the president his tax hike on the rich now. fight him on everything else when taxes aren't part of the conversation. fight him on everything else in six weeks when the debt ceiling is hit or eight weeks, 12 weeks, whenever that fight happens, and do that. i do think that mcconnell -- that's where he wants to be. can he get there in the next 24 hours? that's what we don't know. >> tom brokaw? >> well, it seems to me that the middle class is going to have a...
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Dec 29, 2012
12/12
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KCSM
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the lawyer was imprisoned after accusing russian officials of the $230 million tax fraud. since his death, relations beween the u.s. and russia have increasingly soured, culminating in the adoption van --over 700,n children will suffer from the band. they are often raised in orphanages. for most of the children so far adopted by americans, it was the chance of their lives, but the legislators who support the law defended their decision. >> yes, this may be a step towards cold war, but this is about respect for our country. >> the bill also bans political organizations that receive funding from u.s. sources. human rights groups will be the worst affected. >> russia's foreign minister says moscow has invited the main syrian opposition coalition to talks. >> meeting with his egyptian counterpart, the russian foreign minister called on the syrian opposition to meet with the syrian president's government to end the 20-month civil war. the opposition says it will not negotiate with the assad government. this comes one day before the united nations special envoy is expected in mo
the lawyer was imprisoned after accusing russian officials of the $230 million tax fraud. since his death, relations beween the u.s. and russia have increasingly soured, culminating in the adoption van --over 700,n children will suffer from the band. they are often raised in orphanages. for most of the children so far adopted by americans, it was the chance of their lives, but the legislators who support the law defended their decision. >> yes, this may be a step towards cold war, but...
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Dec 27, 2012
12/12
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WMAR
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the main dispute continues to be over raising taxes. >>> news time right now 5:47. starbucks will tackle the fiscal cliff one cup at a time. the ceo how old shut wants workers in the -- howard schultz wants workers in the d.c. area store to write come together on the coffee cups they serve today and tomorrow. he says it's the company's way of respectfully telling politicians they need to find common ground. >> if people would get in the room and lee their ego behind and not be so skewed towards the party but be so sensitive to the lens of the american people, we will have an agreement. >> now this is just a suggestion from the ceo of starbucks. and employees won't be forced to write anything but a customer's name on the cup. >>> news around the nation this morning, hawaii's governor announced lieutenant governor will fill the u.s. senate seat vacated by the death of daniel inouye. he has said he'll be in d.c. today sworn today in. he says he will seek election for a full term in 2014 but a special election will be held to fill that spot until 2016. inouye was the se
the main dispute continues to be over raising taxes. >>> news time right now 5:47. starbucks will tackle the fiscal cliff one cup at a time. the ceo how old shut wants workers in the -- howard schultz wants workers in the d.c. area store to write come together on the coffee cups they serve today and tomorrow. he says it's the company's way of respectfully telling politicians they need to find common ground. >> if people would get in the room and lee their ego behind and not be so...
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Dec 29, 2012
12/12
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WMAR
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the temporary tax increase is set to inspire. the prospects are quote not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. this waiting game is already affecting americans' 401 cans. the stock market, five straight losses. let's bring in bianna golodryga. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, it's real money. lost 3,000, $4,000. december is traditionally a good month for the markets. >> and for home sales. here's what the president had to say about that. >> america wonder why it is, in this town for some reason, you can't get stuff done in an organized timetable. why everything has to wait until the last minute. we're now at the last minute. the economy is growing. the housing market is recovering. but that could be impacted if folks are seeing smaller paychecks. >> bianna what is about that momentum in the housing market, is that at risk? >> it is. take
the temporary tax increase is set to inspire. the prospects are quote not too promising they'll get to a bipartisan agreement to prevent everyone's taxes from going up. david? >> our chief white house correspondent jon karl. this waiting game is already affecting americans' 401 cans. the stock market, five straight losses. let's bring in bianna golodryga. >> take a look at what happened just the few days. the dow lost 158 points. for the week, down 252 points. david, it's real...
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Dec 30, 2012
12/12
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KGO
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this evening, three days to go before taxes go up for all americans. will the president's pressure on congress bring in a deal? let's bring in jon karl on this. jon, are they any closer? >> a little closer, but they are certainly not there yet. tonight, congressional leaders are making one last-ditch effort to keep most americans from waking up to a big tax like on new year's day. with just three days left, finally a glimmer of hope. >> i'm hopeful and optimistic. >> whatever we come up with it's going to be imperfect. some people aren't going to a like it. >> reporter: right now, it's all in the hands of the two senate leaders. democratic harry reid and republican mitch mcconnell. they're working on a mini-deal that would prevent a tax increase for roughly 98% of american workers. extend unemployment benefits that are set to expire for some 2 million people. and prevent a huge cut in payments to medicare doctors. what took so long? >> the american people are watching what we do here. obviously, their patience is already thin. this is deja vu all over
this evening, three days to go before taxes go up for all americans. will the president's pressure on congress bring in a deal? let's bring in jon karl on this. jon, are they any closer? >> a little closer, but they are certainly not there yet. tonight, congressional leaders are making one last-ditch effort to keep most americans from waking up to a big tax like on new year's day. with just three days left, finally a glimmer of hope. >> i'm hopeful and optimistic. >> whatever...
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Dec 26, 2012
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let's go back to the tax. your paycheck is going down 2%. everyone's taxes go up. it will really have an effect is when people get their first paycheck in january and the christmas bills are due, the average working class family will have their paycheck drop not 2% but closer to 5%. democrats see it as leverage, but it hurts real people for the short-term. >> when you talk about it, absolutely. if we go over the cliff without changing anything, this will be the end of unemployment benefits for more than two million americans. people who cannot wait a couple of months to get the money back and don't have the safety net. this is a very serious situation for some americans. on this show we have a slope and not a cliff. for some it is an immediate pain cliff situation. >> we should differentiate between the things that are really a cliff. unemployment and income taxes and the other things like the spending cuts draw out over a year. the sequester and other things. you wouldn't have to worry about that. those things can be fixed. the democrats don't have a sense of urge
let's go back to the tax. your paycheck is going down 2%. everyone's taxes go up. it will really have an effect is when people get their first paycheck in january and the christmas bills are due, the average working class family will have their paycheck drop not 2% but closer to 5%. democrats see it as leverage, but it hurts real people for the short-term. >> when you talk about it, absolutely. if we go over the cliff without changing anything, this will be the end of unemployment...
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Dec 31, 2012
12/12
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the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiation. danielle, what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate is going to get back to work. when they do they will not have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits yesterday democratic leader harry reid said he hoped to have an announcement in the morning when the senate gets back network. where are they divided? they are divided at what salary taxes should increase but there was progress on taxes for the wealthiest of americans and avoiding the inheritance increases and they are grateful that republicans have given up on demands for cuts to social security at least for now. now this progress has not come easy. democrats have accused republicans of being too suborn on tax increases. just yesterday republicans slammed democrats for failing to give th
the alternative minimum tax kicks in and several tax deductions will also expire. nbc's danielle leigh is on capitol hill with the latest on the negotiation. danielle, what's the latest? >> reporter: good morning. there's been progress and at 11:00 a.m. this morning the senate is going to get back to work. when they do they will not have a lot of time to come up with a deal to avoid those spending cuts and tax increase. both sides are still divided but just before calling it quits...
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Dec 28, 2012
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. >> tax hikes remain at the center of the stand-off. what is the dividing line between those gets those tax breaks extended and those who do not. they're holding out hope for an 11-hour deal. hardly the first time that washington has pushed things to the edge. >> i actually think there's still a chance to get something done. so, you know, these deals usually come together at the last moment. >> why are you cautiously optimistic when it seems everyone else is saying we're going to go over the cliff? >> well, to paraphrase ronald reagan, there's so much manure around here there has to be a pony around here. no one wants tax hikes on 98% of the american people. >>> the president faces a potential default in the coming months unless the debt ceiling is raised again. a mo >> it's somewhat like taking your child hostage and saying to somebody else i'm going to shoot my child if you don't want done. there's no republican leader that wants to default on our debt that i talked to, that should be nonpartisan. >> congressman, not the best choice o
. >> tax hikes remain at the center of the stand-off. what is the dividing line between those gets those tax breaks extended and those who do not. they're holding out hope for an 11-hour deal. hardly the first time that washington has pushed things to the edge. >> i actually think there's still a chance to get something done. so, you know, these deals usually come together at the last moment. >> why are you cautiously optimistic when it seems everyone else is saying we're...
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Dec 26, 2012
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congress has to vote on the wealth tax and it needs to be adjusted for inflation. both partisay they would agree to it but it's all tied up in the fiscal cliff mess. tax filing season starts next week but the irs would put a hold on that for some. officials would wait for a deal in the new year instead of doing serious reprogramming to their tax system. filing would then be pushed back to march for millions. with refunds coming much later than usual. especially for those who plan on paying off credit card bills that often pile up after the holidays. now all of this could be avoided a deal before the deadline monday night but some long time lawmakers fear it won't happen, more on that when i see you next. live in washington. >> oil prices started edging up arch the president announced he would return from vacation early so he could work on fiscal cliff negotiations. crude oil sells for almost $91 a barrel up nearly two dollars a barrel. it's expected to increase as hope rises that a budget deal can be reached before the deadline and that could keep the economy growi
congress has to vote on the wealth tax and it needs to be adjusted for inflation. both partisay they would agree to it but it's all tied up in the fiscal cliff mess. tax filing season starts next week but the irs would put a hold on that for some. officials would wait for a deal in the new year instead of doing serious reprogramming to their tax system. filing would then be pushed back to march for millions. with refunds coming much later than usual. especially for those who plan on paying off...
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the bottom line is, when that ball drops tonight, every american's taxes going up? >> reporter: that is exactly right. they will go up as of midnight. they are going to try to come back and fix it, but as of midnight tonight, everybody's taxes go up. >> all right, jon karl on the watch there at the white house. jon, thanks to you. >>> we're going to turn to the other developing story tonight, the ongoing health scare for secretary of state hillary clinton. she remains in a new york hospital tonight, her daughter chelsea by her side today. and now her doctors have revealed it is a blood clot near the brain that's keeping her in the hospital. tonight, we tackle many questions here, how was it discovered, how will they treat it, what is her prognosis? dr. besser is standing by, but first, abc's matha raddatz is in washington. and martha, this is a lot worse than many thought. >> reporter: it sure seems to be, david. we waited 24 hours for detail about this clot, but now, for the first time, we know the clot is not in clinton's leg, it is in a vein next to her brain. to
the bottom line is, when that ball drops tonight, every american's taxes going up? >> reporter: that is exactly right. they will go up as of midnight. they are going to try to come back and fix it, but as of midnight tonight, everybody's taxes go up. >> all right, jon karl on the watch there at the white house. jon, thanks to you. >>> we're going to turn to the other developing story tonight, the ongoing health scare for secretary of state hillary clinton. she remains in a...
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>> well, the thing that will get them piqued is that tax rates. obama is preferring a $250,000 threshold, but in the process of trying to hammer out the deal, it is raised to $400,000 or $500,0 $500,000, and the base is going to be angry about that, and that is offset by satisfaction that some of the entitlement reforms that the president had signed off on earlier such as changing the structure for social security will not likely be in this deal, and obviously, everything remains to be seen, and the estate tax is a big sticking point, because obama wants to see it go up, and the senate republicans will insist that it stay at the current rate. >> thank you, robert costa and sam stein. we will be back in a moment. this is "hardball," the place for politics. >>> welcome back to hardball. what will a deal look like if there is one? and who is going to wind up giving up more on the tax cuts for wealthy americans? harry reid insists $250,000 is a threshold, but it may not hold. joining me now is josh green of bloomberg business week. josh, for the marke
>> well, the thing that will get them piqued is that tax rates. obama is preferring a $250,000 threshold, but in the process of trying to hammer out the deal, it is raised to $400,000 or $500,0 $500,000, and the base is going to be angry about that, and that is offset by satisfaction that some of the entitlement reforms that the president had signed off on earlier such as changing the structure for social security will not likely be in this deal, and obviously, everything remains to be...
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adam: tax it. >> tax it. adam: sound like t scene in casablanca where the inspector says, i'm shock, shocked, to find out about gambling in this establishment. and ear here is your winning. >> it is hypocritical. adam: what do you think happens. >> at the end of the day supreme court will decide this. if the federal government wants to intervene my guess it goes to the supreme court and they have to decide under the constitutionan you allow something in nevada and not allow it in new jersey if the people in new jersey voted for it? basically there was a referendum in new jersey and that was approved by two to one where the people said, yes we want sports betting. so. adam: they allow some things in nevada not appropriate for family hour that i don't think people in new jersey want but we won't go there. last word on this this won't happen anytime soon. how many years out are we talking? >> i think you're probably right altugh it is possible. monmouth park is talking about getting started and waiting to see wh
adam: tax it. >> tax it. adam: sound like t scene in casablanca where the inspector says, i'm shock, shocked, to find out about gambling in this establishment. and ear here is your winning. >> it is hypocritical. adam: what do you think happens. >> at the end of the day supreme court will decide this. if the federal government wants to intervene my guess it goes to the supreme court and they have to decide under the constitutionan you allow something in nevada and not allow it...
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Dec 27, 2012
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the main dispute continues to be over taxes. americans filing unemployment last week as dropped to 350,000. futures are up right now. a letter from treasury secretary tam geithner to congress sent after the bell yesterday may also weigh on the markets. >> the woman accused of killing a grandmother and a drunk driving accident at the twin peaks without has made her first court appearance. 23 year old gina eunice is accused of a hit and run drunken-driving in vehicular manslaughter. the accident occurred three people and killed 56 year old yuee byao who was here visiting her new grandchild from china. the judge set the bail at $2 million. if she posted she must wear a scram device that checks to make sure she is not drink alcohol and is not allowed to drive. she will be back in court for arraignment on december 31st. we will be right back. >> the layout has settled car owners over unintended acceleration in 2009 and 2010. the automaker has agreed to pay more than a billion dollars to install new safety features and compensate owne
the main dispute continues to be over taxes. americans filing unemployment last week as dropped to 350,000. futures are up right now. a letter from treasury secretary tam geithner to congress sent after the bell yesterday may also weigh on the markets. >> the woman accused of killing a grandmother and a drunk driving accident at the twin peaks without has made her first court appearance. 23 year old gina eunice is accused of a hit and run drunken-driving in vehicular manslaughter. the...
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Dec 31, 2012
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and when that ball comes down in times square tonight, every american's taxes will go up. what happened? >>> the other breaking story tonight. hillary's health. doctors reveal it is a blood clot near mrs. clinton's brain keeping her in the hospital. dr. besser right here with what this means. and what mrs. clinton just told barbara walters after becoming the most traveled secretary of state. >> are you exhausted? >> i am. to be honest, i am. >>> the big chill. a million americans in times square tonight. this evening, the security, the weather. some of the coldest temperatures of the winter. and what we didn't note about something else that will be falling at midnight. ginger zee in times square. >>> and, so long. >> so long. so long. so long. >> the man who said himself, "the show must go on." the first new year's without dick clark, as we heard tonight from his wife. she answers the one question she says so many have been asking her. >>> good evening on this new year's eve. diane counting down with her family. tonight, the other countdown here. the one in washington. ton
and when that ball comes down in times square tonight, every american's taxes will go up. what happened? >>> the other breaking story tonight. hillary's health. doctors reveal it is a blood clot near mrs. clinton's brain keeping her in the hospital. dr. besser right here with what this means. and what mrs. clinton just told barbara walters after becoming the most traveled secretary of state. >> are you exhausted? >> i am. to be honest, i am. >>> the big chill. a...
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Dec 27, 2012
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the main dispute remains over taxes. who should be taxed? and when. >>> well, people may be mixed on the feelings for president obama. his wifes seems to have no problem charming the public. according to a new poll released yesterday the first lady has a 73% approval rating. secretary of state hillary clinton also pretty popular with 66% approving of her job performance. a little more than half of the people asked feel that both president obama and vice president joe biden are doing a good job. >>> just a few hours you will be able to gamble any time of the day that you want. >> maryland live casino is getting ready to open its doors and once that happens they're going to remain open 24/7. >> abc2 news linda so is there this morning and linda the apartment was empty. casino is empty but it's not going to stay that way for long. >> reporter: no, just a few hours at 8:00 to be exact they'll be opening the doors for good. the lights are so pretty. they're getting ready for a big day today. when the doors open at 8:00 this morning they will stay
the main dispute remains over taxes. who should be taxed? and when. >>> well, people may be mixed on the feelings for president obama. his wifes seems to have no problem charming the public. according to a new poll released yesterday the first lady has a 73% approval rating. secretary of state hillary clinton also pretty popular with 66% approving of her job performance. a little more than half of the people asked feel that both president obama and vice president joe biden are doing a...
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Dec 31, 2012
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the alternative minimum tax, the state tax rose to 40 percent with a $5 million exemption. another one-year extension of long-term unemployment benefits. right now the issue is those spending cuts, the automatic spending cuts, the $94 billion known as the sequestered. but that we bring in a republican congressman from new jersey. thank you for joining us. the framework adjusted tailed, do you think it's something you could get behind? >> the president has repeatedly famously said that we can cut our way to prosperity and, of course, the flip side of that is even more true which is that we cannot tax our way to prosperity although mcconnell said that the tax portion is already worked out and agree upon, if you think about it, what have they really agreed upon? the agreed upon taxing small businesses continuously. the continuing for the tax preferences for all large businesses. large businesses get away easy, scot-free. your small businesses have to see their taxes go up. i don't think that's the way to bring it to prosperity or create more jobs or turn the economy around. >>
the alternative minimum tax, the state tax rose to 40 percent with a $5 million exemption. another one-year extension of long-term unemployment benefits. right now the issue is those spending cuts, the automatic spending cuts, the $94 billion known as the sequestered. but that we bring in a republican congressman from new jersey. thank you for joining us. the framework adjusted tailed, do you think it's something you could get behind? >> the president has repeatedly famously said that we...
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Dec 26, 2012
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also be back in session on thursday without a deal by the end of the year automatic spending cuts and tax increases going into effect. >>> starbucks is trying to do what it can to urge a "fiscal cliff" compromise. the coffee chain is asking employees at its cafes in the d.c. area to write the words "come together" on cups for the next two days. starbucks plans to continue the effort on social media. >>> encouraging signs in the housing market. home prices rose in most major cities in october up more than 4% from a year earlier and october was the fifth straight month of year-over-year gains. taking a look at the big board now, you can see that stocks are down today in a light trading session. you can see the dow is down about 9 points. >>> a bay area family and the season of giving. how the kindness of strangers helped save a family's injured dog. ,,,,,,,,,,,,,, donors for saving their dog. c-b-s-5 reporter christin ay >>> a you can bay area couple is thanking -- a young bay area couple is thanking anonymous donors for saving their dog. christin ayers shows us how strangers saved the dog
also be back in session on thursday without a deal by the end of the year automatic spending cuts and tax increases going into effect. >>> starbucks is trying to do what it can to urge a "fiscal cliff" compromise. the coffee chain is asking employees at its cafes in the d.c. area to write the words "come together" on cups for the next two days. starbucks plans to continue the effort on social media. >>> encouraging signs in the housing market. home prices...
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this tax deal would also create a perm naanent fix for the alternative minimum tax and extend unemployment insurance for 2 million americans. the president made it clear what his top priority is in any deal. >> preventing that tax hike has been my top priority. because the last thing folks like the folks up here on the stage can afford right now is to pay an extra $2,000 in taxes next year. middle class families can't afford it. businesses can't afford it. our economy can't afford it. >> just an hour later, senate minority leader mitch mcconnell signalled his agreement with the president. >> so i agree, let's pass the tax relief portion now. let's take what's been agreed to and get moving. we all want to protect tax pairs and we can get it done now. >> however, despite what sounds like good news, there will be no vote in the house tonight even in the house reaches a deal. in fact, the senate has adjourned until tomorrow. >> joining me now when we talk a couple of hours ago, there wouldn't be a vote on either side. but maybe something from the senate tonight? quite possibly. aparentally, th
this tax deal would also create a perm naanent fix for the alternative minimum tax and extend unemployment insurance for 2 million americans. the president made it clear what his top priority is in any deal. >> preventing that tax hike has been my top priority. because the last thing folks like the folks up here on the stage can afford right now is to pay an extra $2,000 in taxes next year. middle class families can't afford it. businesses can't afford it. our economy can't afford it....
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and what about the state -- estate tax. >> the estate tax punishes family farmers in my district and small business people. that money has been taxed a lot of times people have to selllet family farm to pay the taxes or family business it is it a shame and we need to get it fixed and solved. we need permanence and a bigger exemption and something like we have today would make it work. >> and congressman, what about the debt limit. we'll hit the debt ceiling, 16.4 trillion . is that going to be worked in this piece of legislation or is that after the new year. >> i hope that we are able to work it in this legislation. then we would avert another man made crisis that we are all too good at doing these days . ive would hope it is part of the package but should never be a part of the negotiation. i know you all discussed many, many times is something that is raised routinely over the last 50 years and something in the law and doesn't save us or spending more money it just shuts the government down . risks the full faith and credit of the united states it is it about recognizing the debts
and what about the state -- estate tax. >> the estate tax punishes family farmers in my district and small business people. that money has been taxed a lot of times people have to selllet family farm to pay the taxes or family business it is it a shame and we need to get it fixed and solved. we need permanence and a bigger exemption and something like we have today would make it work. >> and congressman, what about the debt limit. we'll hit the debt ceiling, 16.4 trillion . is that...
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. >>> wasted tax dollars. you'll be surprised where government officials are spending your money. >>> and call it an incentive plan. the unique program being considered by san francisco to save money on health care costs. [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playroom. no. we had to watch movies in the den because that's where the tv outlet was. and if dad was snoring on the couch, we muscled through it. is she for real? your generation has it made. [ male announcer ] the wireless receiver only from at&t u-verse. get u-verse tv for $29 a month for six months. rethink possible. >>> taxpayer money is paying salaries and bonuses to workers and elected officials who have been suspended and convicted of crimes. that's what our washington bureau reporter macfarlane found after digging into pub records >> reporter: he orchestrated an
. >>> wasted tax dollars. you'll be surprised where government officials are spending your money. >>> and call it an incentive plan. the unique program being considered by san francisco to save money on health care costs. [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playroom. no. we had to watch...
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Dec 26, 2012
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then however it becomes no longer extending the bush tax cuts, but the obama tax cuts. president obama is associated with cutting taxes. there is political liability for them as well. the reality is they have to get off of this no tax increase nonsense. i read in the "new york times" the other day, no republican member of congress voted for it since 1990. do you believe that? we had two or three wars since that time? a tragedy at 9/11 and we had hurricane sandy. we had hurricane katrina and despite all of these, they are unwilling to raise them to support and fund our government. what does it say about the dysfunctionality? >> we will have to leave it there. happy holidays to you. joining me now on the phone, congressman gregory meeks. congressman, i just saw you downstairs in the lobby about two or three hours ago and you were waiting on a phone call to determine when you might have to go back to d.c. to hammer out fiscal cliff matters. have you gotten the call yet? >> we are still waiting. >> no word as to when you guys are going back? no sense of urgency? >> i think
then however it becomes no longer extending the bush tax cuts, but the obama tax cuts. president obama is associated with cutting taxes. there is political liability for them as well. the reality is they have to get off of this no tax increase nonsense. i read in the "new york times" the other day, no republican member of congress voted for it since 1990. do you believe that? we had two or three wars since that time? a tragedy at 9/11 and we had hurricane sandy. we had hurricane...
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not through any tax breaks or anything like that. but through getting back to work and getting their paychecks back up. that's what they want to do. >> now, governor, you have had to deal with people of opposing parties. you've had to compromise. you've seen them compromise. that's what government does. but when you get inflexible people that seem to not understand the pain of the ordinary american, how do you break this gridlock? >> well, it's very hard. and the point you made, rev, is a very good one. the president did move with entitlements and it did anger a cig n significant portion of his base. but the president agrees that you can't set this nation's economy on a healthy path that cease going to take care of our deficit and make it a managinin bart of gdp. he knows we can't asked the republicans to raise it 1.2, 1.3 trillion in revenue. he's reached out and made cig nif kant concessions and the response to that was nothing. it is pathetic. >> jaret, let me ask you, if we go over the cliff, what ps? is there not an immediate im
not through any tax breaks or anything like that. but through getting back to work and getting their paychecks back up. that's what they want to do. >> now, governor, you have had to deal with people of opposing parties. you've had to compromise. you've seen them compromise. that's what government does. but when you get inflexible people that seem to not understand the pain of the ordinary american, how do you break this gridlock? >> well, it's very hard. and the point you made,...
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katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded law that just didn't pass the constitutional barrier. >> you know, it is kind of confusing. the president actually campaigned on this75% tax. what happened, and will he try to get it reinstated? >> you are quite right. he made this a key platform of his manifesto. he has gone all out on this, and he even dressed up the tax as an act that the way france's rich could help during harsh economic times. he has not backed down and in fact in the last few hours the officials have said the law will be redrafted to conform with the court ruling and wi
katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded...
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talks cooled over the holidays over how to avoid the massive tax hikes. >> taxes are going to go up no matter what. they go up a lot more and that is where the political hit comes. >> house republicans point the finger at the other chamber saying the senate must act on a bill to avoid the fiscal cliff. the gop is blamed for the holdup. no further legislation can move unless republicans drop their knee-jerk obstruction. the mayfield gradual at first, except on wall street. >> the reaction of the financial markets and the stock markets. you could see something quick. >> a top ceo is hoping to jolts them into action. >> i am maintaining my optimism that we will see the republicans and administration come together and do what is right for the country. >> starbucks its in its message that our players in washington and take me out an ad featuring a quotation from lincoln. will it work? we will see. >> hallie jackson, thank you. >> kim dacey is live on what you need to know. >> about a dozen state laws will go into effect next tuesday. we have highlighted just a few. with any new year comes n
talks cooled over the holidays over how to avoid the massive tax hikes. >> taxes are going to go up no matter what. they go up a lot more and that is where the political hit comes. >> house republicans point the finger at the other chamber saying the senate must act on a bill to avoid the fiscal cliff. the gop is blamed for the holdup. no further legislation can move unless republicans drop their knee-jerk obstruction. the mayfield gradual at first, except on wall street. >>...
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Jan 1, 2013
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members of both political parties who badly want these middle class taxes rolled back fa fast, "what the senate did this morning makes it easier for house republicans to follow suit. it was a rare bipartisan vote, 89-8. two hours after america went off the fiscal cliff, vice president biden came to the capitol to sell the fix he worked out with gop leader mitch mcconnell to spoke for senate republicans. >> we don't think taxes should be going up on anyone. but we all knew if we did nothing, they'd be going up on everyone. >> reporter: the senate voted to reverse today's tax hikes on 98% of americans. but to keep the higher rate on families making over $450,000, president obama took credit for breaking 20 years of gop opposition to tax hikes. >> keep in mind that just last month, republicans in congress said they would never agree to raise tax rates on the wealthiewealthi est americans. >> middle class families will wake up today to the assurance their taxes won't go up $2,200 each. >> reporter: not so fast. house speaker john boehner and his gop lawmakers might not go along. boehner
members of both political parties who badly want these middle class taxes rolled back fa fast, "what the senate did this morning makes it easier for house republicans to follow suit. it was a rare bipartisan vote, 89-8. two hours after america went off the fiscal cliff, vice president biden came to the capitol to sell the fix he worked out with gop leader mitch mcconnell to spoke for senate republicans. >> we don't think taxes should be going up on anyone. but we all knew if we did...
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Dec 30, 2012
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and allowing taxes to increase on the wealthiest americans. this remains a major sticking point for many republicans. some say a small deal is better than no deal at all but represents a lack of leadership. >> they haven't taken any of the hard measures to bring spending down and reform entitlements and raise more revenues. >> reporter: now, late saturday, negotiators continued to haggle over a number of issues, particularly the issue of taxes. republican leader, mitch mcconnell, was spotted at the capital. when asked if they would reach a deal, he told reporters, quote, i hope so. erica? >> many americans hoping so too. >>> david gregory is moderator of "meet the press." good morning. >> good morning, erica. >> you sat down with an exclusive interview with the president. did he seem optimistic to you? >> he says he is optimistic but really preparing to play hardball. his own approach, plan "b," is a small deal to get an extension of the middle class tax cuts and do very little else. the fight over the debt continues into the new year just wee
and allowing taxes to increase on the wealthiest americans. this remains a major sticking point for many republicans. some say a small deal is better than no deal at all but represents a lack of leadership. >> they haven't taken any of the hard measures to bring spending down and reform entitlements and raise more revenues. >> reporter: now, late saturday, negotiators continued to haggle over a number of issues, particularly the issue of taxes. republican leader, mitch mcconnell,...
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. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two sides agreed to extend them permanently for all household income under $400,000 a year for individuals, $450,000 a year for families. negotiators also agreed to prevent the al tesh tiff minimum tax on the wealthy from hitting millions of middle class families every year by permanently adjusting it to inflation. and they agreed to hike the estate tax rate from 35% to 40%, but the first $5 million worth of inheritance would be exempt from taxation permanently. the breakthugh prompted relief for many, including connecticut senator joe lieber man. >> i hope the negotiations going on now end with an agreement and i hope that we will pass it with bipartisan majority in theong senate and the house. >> reporter: but others, chiefly republicans, were angry that the deal did not include a serious package of spending cuts and might actually add to the deficit. tennessee senator bob corker. >> everybody on this body knows we've done nothing -- n
. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two sides agreed to extend them permanently for all household income under $400,000 a year for individuals, $450,000 a year for families. negotiators also agreed to prevent the al tesh tiff minimum tax on the wealthy from hitting millions of middle class families every year by permanently adjusting it to inflation. and they agreed to...
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but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? who would be in favor of a policy of drowning, raising taxes? sounds like it's a bad thing for everyone, why are they so in sis ten we raise tacks on someone? >> do you get the idea there's a discussion going on in the senate. i turn on the tv and different senators are taking to the floor and he they are speaking 209 other senators that might be there or the american people but what about in the halls of the u.s. senate? are people talk and negotiating, trying to work on solutions? >> the way it's been set up is for a few people in leadership, and i always joke i have to ask people in the media what's going on with the fiscal cliff thing because we don't
but i do know that the tax rates are going to expire. one of my favorite analogies and everyone said it's like 100 people are drowning and you are going to save 98 of them by only protecting them from a tax increase, 98%. and and my question is they are all drowning, right? which means raising taxes is a bad thing for everyone. why would we not save two? we would drowning be our policy? who would be in favor of a policy of drowning, raising taxes? sounds like it's a bad thing for everyone, why...
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-- the tax issues. >> reporter: a genuine compromise on taxes. most notable, rates would go up for couples earning above $450,000 a year. and today the same for everyone else. but they are divided over how much and how soon to cut government spending. and people are frustrated. >> sometimes you wonder, is it all just for show, or, you know, what's really going on behind closed doors? >> reporter: come midnight, your takehome pay shrinks. income taxes go up for everyone. roughly $2,400 next year for a family making 50 to $75,000. the 2% payroll tax break ends, costing an average worker another $1,000 a year. higher taxes on savings and investments. families will pay more on large inheritances. and for those on hard times, out of a job longer than six months, unemployment benefits stop. visitors to capitol hill say they're out of patience. >> i don't think it's fair that our kids are coming into this world with so much debt. >> reporter: the new year with no deal also means government spending faces deep cuts. slicing 8 to 9% from many federal agen
-- the tax issues. >> reporter: a genuine compromise on taxes. most notable, rates would go up for couples earning above $450,000 a year. and today the same for everyone else. but they are divided over how much and how soon to cut government spending. and people are frustrated. >> sometimes you wonder, is it all just for show, or, you know, what's really going on behind closed doors? >> reporter: come midnight, your takehome pay shrinks. income taxes go up for everyone....